Burial Insurance - Funeral Insurance - Funeral Expenses Insurance

Funeral Expenses Calculator Result

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There are also other costs in addition to the costs of funeral you might not be considering, such as:

Survivor Costs

Extra expenses are also often incurred by survivors after death, no matter the age of the deceased. Often, time at work is missed, the income of the deceased is lost, and is not possible to make up via other means, so the family has to make lifestyle changes in order to bring standard of living in line with the new income level.

Loss of income

In the case where the deceased is a breadwinner, death can combine with financial tragedy. Even 5 years income will ease the transition, so that the survivors can adjust to their lower income level. In particular for those on social security, the survivors income does usually go up a small amount, but expenses typically do not reduce nearly as much as the income goes up, and it creates many hardships that could have been prevented with even a couple years extra income.

An often overlooked part of this, in the case of death of a child, even though expenses often go down, income is still lost in a lot of cases, because often careers change, or jobs are lost out of grief. It is a good idea to have additional insurance on each family member, not in excess, but enough that it can help to ease a transition. This specific need can be filled by term or whole life insurance, depending on specific needs.

Loss of care

If the deceased was a caretaker for another person, sometimes that role cannot be filled by another person, and extra money is needed to provide for the care of the person who was left behind. Depending on needs, it can be a great deal of money. This need can also be filled by term or whole life insurance, depending on specific situation.

Funeral Expenses Insurance

Life insurance can be used to pay for end of life expenses of survivors. Commonly, whole life insurance is used for this purpose, but sometimes other types may be recommended for part of the expense. A good rule of thumb is, if the expense is unavoidable and will not change, whole life is a better fit. If the expense may change in the future, and is for a limited amount of time, such as income replacement, term life insurance is commonly recommended. Other products might also be a good fit, and this is part of the reason that it is so important to speak with a professional about your options, to make sure you are insured in the correct way. Too little insurance and the needs are not met, but also too much insurance can be a poor allocation of resources. The job of a qualified insurance agent is to help you find the right amount.

Funeral Insurance | Burial Insurance

Whole life insurance is the commonly used option for funeral and burial insurance, for a very good reason. It does not expire. It does not increase in price. You know it will be there when you need it. Whole life gets maligned a lot for being a bad investment option, which is perfectly true. It is not investment. It is savings. The best thing you can compare whole life to is a savings bond that is available tomorrow if something bad happens.

10 pay and 20 pay whole life

10 pay and 20 pay whole life are limited payment options for plans that still last a lifetime. The way that they work, you pay more per month, however at the end of 10 or 20 years, the policy is paid up for life and no further payment is ever necessary. This type of policy is particularly great for younger children, as they are still extremely inexpensive, but continue to grow over time. When they reach adulthood, the money should at least come close to pace with inflation, as it does earn interest, and because of this it is something that will be taken care of for life, or will only require minimum addition later in life.

Preneed Insurance | Prepaid Funeral

Prepaid funeral, or preneed insurance is a less common but often used payment method. It works by deposit of funds into a life insurance policy that typically is guaranteed issue, and pays the amount that was deposited into it plus around 2% interest depending on policy at time of death. Many times people deposit this money at the funeral home itself, not realizing that they are purchasing an insurance policy. As far as options are concerned, it is sometimes the right option, however it is generally in your best interest to review all available options, as underwritten options typically will provide a lot more benefit for less premium.

Need to speak with a professional?

Here at funeralexpensesinsurance.org, we try to always have the heart of a teacher, and a friend. Our goal is to make it so that when the funds are needed, you have the right amount, and planning was taken care of, to ease the grief of loss of a loved one. Filling out our form will put you in contact with a professional who will help prepare a planning document for you free of charge, along with helping you set up your financial plan to ease in the transition.

We will never sell your information to others. We only want to speak with those who need our help, but we cannot fully understand your situation without speaking with you one on one, and going over options so that we know we're helping you to make the correct choice.

Please fill out our form to arrange to speak with an agent or give us a call, toll free at 877-601-0504.